Norges Bank Investment Management Halts Tokyo Real Estate Operations

Norges Bank Investment Management (NBIM) has announced the closure of its Tokyo real estate office, marking a strategic shift away from expanding its Japanese real estate portfolio through direct investments. Opened in 2015, the office was part of NBIM's plan to build a global real estate network. However, after completing two direct real estate investments in Tokyo, NBIM has decided that maintaining a local presence is no longer justified due to the limited size of the portfolio and the costs associated with maintaining operational and organizational capacities. Despite the office closure, the fund will retain its current real estate investments in Japan and its equity and fixed-income investments remain unaffected. As of March 2025, the fund had considerable investments in Japan amounting to 1 147 billion kroner. The decision does not affect NBIM's other offices.